According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It’s the 3rd straight month of home resale improvement nationwide.
It’s encouraging that first-time and investment property buyers were both outnumbered by “move-up” buyers in October; buyers that have sold their respective homes in favor of larger ones.
Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month’s data reveals some interesting trends.
The press is calling the May 2010 drop in Existing Home Sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too. Sellers are now listing homes faster than buyers can buy them.